Bill Text: CT SB00105 | 2014 | General Assembly | Introduced
Bill Title: An Act Concerning Social Innovation Investment.
Spectrum: Moderate Partisan Bill (Democrat 9-1-1)
Status: (Introduced - Dead) 2014-04-29 - Favorable Report, Tabled for the Calendar, Senate [SB00105 Detail]
Download: Connecticut-2014-SB00105-Introduced.html
General Assembly |
Raised Bill No. 105 | ||
February Session, 2014 |
LCO No. 985 | ||
*00985_______HS_* | |||
Referred to Committee on HUMAN SERVICES |
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Introduced by: |
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(HS) |
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AN ACT CONCERNING SOCIAL INNOVATION INVESTMENT.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
Section 1. Section 4-68aa of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2014):
(a) As used in this section:
(1) "Savings" means a reduction in state expenditures, as such expenditures are defined in an outcome-based performance contract;
[(1)] (2) "Secretary" means the Secretary of the Office of Policy and Management, or the secretary's designee;
[(2)] (3) "Social innovation investment enterprise" means an entity created to coordinate the delivery of preventive social programs by nonprofit service providers, which has the capability of creating a social investment vehicle, entering into outcome-based performance contracts and contracting with service providers;
[(3)] (4) "Social investment vehicle" means an investment product established by a social innovation investment enterprise to raise private investment capital; and
[(4)] (5) "Outcome-based performance contract" means a contract entered into between the secretary and a social innovation investment enterprise that establishes outcome-based performance standards for preventive social programs delivered by nonprofit service providers and provides that investors in any social investment vehicle shall receive a return of their investment and earnings thereon only if outcome-based performance standards are met by the social innovation investment enterprise.
(b) The secretary may enter into an outcome-based performance contract with a social innovation investment enterprise for the purpose of [accepting a United States Department of Justice fiscal year 2012 Second Chance Act Adult Offender Reentry Program Demonstration Category 2 Implementation grant. The outcome-based performance contract between the secretary and a social innovation investment enterprise may provide for payments from the social innovation account, established pursuant to subsection (d) of this section, to the social innovation investment enterprise or to investors or to both] a child well-being early intervention and prevention program. The outcome-based performance contract shall be based on a written proposal deemed sufficient by the secretary that demonstrates savings will be generated by the social innovation investment enterprise through the accelerated delivery of preventive social programs within the state.
(c) Any outcome-based performance contract entered into by the secretary, pursuant to the provisions of this section, shall include, but not be limited to, requirements that: (1) Payment be conditioned on the achievement of specific, quantifiable outcomes based on defined performance benchmarks; (2) an independent evaluator shall determine whether the performance benchmarks have been achieved; and (3) a fiscal analysis be completed by the secretary as to projected savings in specific governmental service areas related to achievement of specific, quantifiable performance benchmarks.
(d) After entering into an outcome-based performance contract with a social innovation investment enterprise, the secretary shall present the terms and conditions of the contract, along with an executed summary of the agreement, to the joint standing committees of the General Assembly having cognizance of matters relating to human services and appropriations and the budgets of state agencies so that said committees are fully apprised of (1) the social innovation investment for which the contract is being entered into, (2) the performance measures being used, and (3) the future financial implications particularly as they pertain to projected appropriations necessary for fiscal years subsequent to the current biennium to fund the social innovation account established under this section. In addition, for each outcome-based performance contract entered into pursuant to this section, the secretary shall report annually during the contract period and within six months after the conclusion of the contract period on the status of such contracts to the joint standing committees of the General Assembly having cognizance of matters relating to appropriations and the budgets of state agencies and human services. Such reports shall include information on (A) the achievement by the nonprofit service provider of specific, quantifiable outcomes based on defined performance benchmarks as determined by an independent evaluator; (B) returns on investment for the social innovation investment enterprise; and (C) fiscal analyses of savings achieved in specific governmental service areas related to the achievement of specific, quantifiable performance benchmarks.
[(c)] (e) The secretary shall comply with the provisions of section 4e-16 relating to privatization contracts when entering into an outcome-based performance contract with a social innovation investment enterprise pursuant to this section.
[(d)] (f) There is established an account to be known as the "social innovation account" which shall be a separate, nonlapsing account within the General Fund. The account shall contain any moneys required by law to be deposited in the account. Any interest accruing to the account shall be credited to the account. Moneys may be transferred to the account from the General Fund. Moneys in the account shall be expended by the [Secretary of the Office of Policy and Management for the purposes of facilitating the reentry of moderate and high-risk offenders into the community.] secretary to provide payments to the social innovation enterprise, investors or both in accordance with the terms of an outcome-based performance contract. The secretary may apply for and accept gifts, grants or donations from public or private sources to enable the account to be a source of payments to investors purchasing interests in a social investment vehicle.
This act shall take effect as follows and shall amend the following sections: | ||
Section 1 |
July 1, 2014 |
4-68aa |
Statement of Purpose:
To promote the well-being of vulnerable children via a social innovation enterprise grant.
[Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline, except that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not underlined.]